through increasing scale and ongoing emphasis on improving efficiencies. In conclusion, Marlin's strong third quarter performance, led by robust origination growth

through increasing scale and ongoing emphasis on improving efficiencies in conclusion marlin's strong third quarter performance led by robust origination growth


by consolidating locations in our historical core market that are in close proximity to other financial center locations, and reinvesting the dollars associated with these locations in technology and our expanded footprint.

by consolidating locations in our historical core market that are in close proximity to other financial center locations and reinvesting the dollars associated with these locations in technology and our expanded footprint


Moving to our Asia Pacific markets. Activity in Hong Kong remains consistent with our expectations. Our history of delivering large iconic projects for our clients contributes to a high win rate.

moving to our asia pacific markets activity in hong kong remains consistent with our expectations our history of delivering large iconic projects for our clients contributes to a high win rate


Again, I think we've done quite well in this area in 2016. We detail our most important fee initiatives for you in our earnings press releases in a table section we label Key Fee Initiatives.

again i think we've done quite well in this area in 2016 we detail our most important fee initiatives for you in our earnings press releases in a table section we label key fee initiatives


Preliminary results were reported at the CHEST conference in Q4 of 2017. Feedback from physicians evaluating our technology relative to existing and emerging alternatives has been strongly supportive of our efforts.

preliminary results were reported at the chest conference in q4 2017 feedback from physicians evaluating our technology relative to existing and emerging alternatives has been strongly supportive of our efforts


and retain our excellent credit quality is based on our rock-solid philosophy and strategy of sticking to lending in our primary market, which we know so well. It

and retain our excellent credit quality is based on our rock-solid philosophy and strategy of sticking to lending in our primary market which we know so well


I'm a great believer that if you can get everybody in the company to be able to answer the question, what is the strategy? Why is it important? And what is my personal contribution? What do I need to do to bring it to life?

i'm a great believer that if you can get everybody in the company to be able to answer the question what is the strategy why is it important and what is my personal contribution what do i need to do to bring it to life


and we're really focused now on really managing the margins of the contract because they obviously didn't turn out to be as robust as we might have initially expected, but we've got a great team working on it, and we expect it to continue to improve this year.

and we're really focused now on really managing the margins of the contract because they obviously didn't turn out to be as robust as we might have initially expected but we've got a great team working on it we expect it to continue to improve this year


In doing so, we are moving forward aggressively with the implementation of AI technology to help our customers make use of all the data that they are recording while significantly reducing their workload.

in doing so we are moving forward aggressively with the implementation of ai technology to help our customers make use of all the data that they are recording while significantly reducing their workload


of historical U.S. institutional sales teams they number around 60, give or take a little bit more or less. That's likely a number we would work to put in a stepwise fashion.

of historical u s institutional sales teams they number around 60 give or take a little bit more or less that's likely a number we would work to but in a stepwise fashion


So we're excited about the opportunities there. We have been careful and certainly working with our General Counsel to look at how we contract with these clients and that we

so we're excited about the opportunities there we have been careful and certainly working with our general counsel to look at how we contract with these clients and that we


Customer interest is significant, and we're currently working on the next generation of these game-changing technology across a broad range of blasting applications as a key enabler to automation.

customer interest is significant and we're currently working on the next generation of this game-changing technology across a broad range of blasting applications as a key enabler to automation


in our areas of kind of the products we're developing and focusing on the distribution channel and really focusing on the long tail, we have started to see some results there. So -- and of course, we all know, this is a

in our areas of kind of the products we're developing and focusing on the distribution channel and really focusing on the long tail we have started to see some results there so -- and of course we all know this is a


Several years ago, we had identified that customers needed smaller footprint and lower heat generation as they shift from centralized controlled systems to distributed control on the factory floor.

several years ago we had identified that customers needed smaller footprint and lower heat generation as they shift from centralized control systems to distributed control on the factory floor


The first group of hotels using this new revenue management tool is showing a 260 basis point increase in RevPAR index compared with hotels not yet on the system.

the first group of hotels using this new revenue management tool is showing a 260 basis point increase in revpar index compared with hotels not yet on the system


relationships, and we're doing fairly well. They respect what we've accomplished so far. It leads to other product areas. Those products need to be developed. It takes months to develop them, not weeks

relationships and we're doing fairly well they respect what we've accomplished so far it leads to other product areas those products need to be developed it takes months to develop them not weeks


it's not for me to say these things, because at the end of the day it's for these governing authorities to decide how they look at these things. But what I'm trying to explain to all of you guys is that,

it's not for me to say these things because at the end of the day it's for the -- these governing authorities to decide how they look at these things but what i'm trying to explain to all of you guys is that


We're finding that payers are asking for more and more information, too, before reimbursement takes place. For example, they're asking for not only letters of medical necessity, but they're asking for support

we're finding that payers are asking for more and more information to -- before reimbursement takes place for example they're asking for not only letters of medical necessity but they're asking for support


Needless to say, declining reimbursements are the bane of the diagnostics industry and a continuing issue for the medical profession if medical practitioners are to continue diagnosing, treating and monitoring patients.

needless to say declining reimbursements are the bane of the diagnostics industry and a continuing issue for the medical profession if medical practitioners are to continue diagnosing treating and monitoring patients


The impact from lower commodity prices was largely offset by higher production, particularly for European Gas, as we benefited from the ramp up of Corrib, which continues to outperform our expectations.

the impact from lower commodity prices was largely offset by higher production particularly for european gas as we benefited from the ramp-up of corrib which continues to outperform our expectations


It also means maintaining our commitment to invest in sales and route-to-market capabilities so that we're well positioned to capitalize on the long-term growth potential in emerging markets.

it also means maintaining our commitment to invest in sales and route-to-market capabilities so that we're well positioned to capitalize on the long-term growth potential in emerging markets


We look forward to sharing more about our exciting work in this area at the medical meetings throughout 2018 and 2019. With that, I want to thank you very much for your attention,

we look forward to sharing more about our exciting work in this area at the medical meeting throughout 2018 and 2019 with that i want to thank you very much for your attention


for the remainder of the year. Robert will then follow with commentary on the operational performance and revenue environment. And then after we hear from those comments, we will open the call for analyst questions and lastly, questions from the media.

for the remainder of the year robert will then follow with commentary on the operational performance and revenue environment and then after we hear from those comments we will open the call for analyst questions and lastly questions from the media


There has been a technology shift in the segment, where the new vessels are significantly more efficient than the previous generation vessels. And in a logistics operation, like the container market, efficiency is everything.

there has been a technology shift in the segment where the new vessels are significantly more efficient than the previous generation vessels and in a logistics corporation like the container market efficiency is everything


Our first priority during these disasters was, of course, the safety and well-being of our associates and the affected communities, and we're happy to share that all of our associates are safe even though some of them suffered material losses.

our first priority during these disasters was of course the safety and wellbeing of our associates and the affected communities and we're happy to share that all of our associates are safe even though some of them suffered material losses


given what we talked about in terms of where we expect the first quarter closings to be. So given the first quarter start, we'll see a little bit more leverage in the back end. But overall, for the year, we think we'll be

given what we talked about in terms of where we expect the first quarter closings to be so given the first quarter start we'll see a little bit more leverage in the back end but overall for the year we think we'll be


one might think that what would influence that number for GM would be that they probably have more prime. And so the cars are newer but not so new that you're having a sort of a drive off problem.

one might think that what would influence that number for gm would be that they probably have more prime and so the cars are newer but not so new that you're having this sort of a drive-off problem


we signed an agreement to purchase the assets of Tennessee RV Supercenter. We expect the acquisition to close before the end of the calendar year. This dealership will be branded Lazydays of Knoxville after the close.

we signed an agreement to purchase the assets of tennessee rv supercenter we expect the acquisition to close before the end of the calendar year this dealership will be branded lazy days of knoxville after the close


And then there is a set of -- beside the unusual items, there's a set of professional fees, legal fees, other operating expenses that we are, as I said in my comments, scouring now and really trying to impact as fast as we can.

and then there is a set of -- besides the unusual items there is a set of professional fees legal fees other operating expenses that we are as i said in my comment scouring now and really trying to impact as fast as we can


wherever they are. And then I'll wrap up my remarks on Page 9 with some operational developments that have a direct impact on growth for us. And I'll start with just a bit more color on Liberty 3.0. And I said before,

wherever they are and then i'll wrap up my remarks on page 9 with some operational developments that have a direct impact on growth for us and i'll start with just a bit more color on liberty 3 0 as i said before


We remain committed to maintaining a strong balance sheet, currently with equity at 57% of total capital, which is stronger than the 53% level we're at the same time last year.

we remain committed to maintaining a strong balance sheet currently with equity at 57% of total capital which is stronger than the 53% level we were at the same time last year


On Slide 12, we show the overall allowances covering our book with a more moderate increase in coverage levels. The walk of loan allowances from stages 1 to 3 for the quarter illustrates

on slide 12 we show the overall allowances covering our book with a more moderate increase in coverage levels the walk-off loan allowances from stages 1 to 3 for the quarter illustrates


And on that Tuesday and Wednesday, comparatively, we saw an increase in all of the numbers we were looking to see an increase in. We saw an increase in the average order size, we saw an increase in the number of orders,

and on that tuesday and wednesday comparatively we saw an increase in all of the numbers we were looking to see an increase in we saw an increase in the average order size we saw an increase in the number of orders


Let me just, from a high level. Most of the product sales will happen in November and December as we did previews in October that were positive. But those were only really for our top leaders. So

yes let me just from a high level most of the product sales will happen in november and december as we did previews in october that were positive but those were only really for our top leaders


Within power generation, we continue to face challenges related to demand with Industrial gas turbine market as well as a drop-off in volume tied to renewables penetration and greater energy efficiency.

within power generation we continue to face challenges related to demand with industrial gas turbine market as well as the drop-off in volume tied to renewables penetration and greater energy efficiency


We believe the project will be well positioned to supply LNG customers in markets around the world. ExxonMobil will lead the construction and operations of the planned onshore facilities,

we believe the project will be well positioned to supply lng customers in markets around the world exxonmobil will lead the construction and operations of the planned onshore facilities


Going forward, we remain well positioned to continue expanding our presence in the areas of housing where our capital can be put to work most accretively. Following up on our most recent multifamily B-Piece investment,

going forward we remain well positioned to continue expanding our presence in the areas of housing where our capital can be put to work most accretively following up on our most recent multifamily b-piece investment


Stripping these out, the Dutch revenue trend was in line with last quarter and adjusted EBITDA relatively flat. Jan Kees will elaborate further on this later in the presentation.

stripping these out the dutch revenue trend was in line with last quarter and adjusted ebitda relatively flat jan kase will elaborate further on this later in the presentation


While the equity markets have beaten up the transportation sector with a broad brush, carriers remain profitable, and we believe replacing old trailer equipment provides a solid return on investment.

while the equity markets have beaten up the transportation sector with a broad brush carriers remain profitable and we believe replacing old trailer equipment provides a solid return on investment


Moving to Page -- to Slide 17. As we have already noted, last year, we noted that we were coming off the back of a significant period of expansion for a number of customers,

moving to page -- to slide 17 as we've already noted last year we noted that we were coming off the back of a significant period of expansion for a number of customers


In addition, this technology is anticipated to reduce procedure time and the need for multiple procedures, and it does not require any additional external capital equipment,

in addition this technology is anticipated to reduce procedure time and the need for multiple procedures and it does not require any additional external capital equipment


Any further share repurchases would have an impact on how quickly the leverage would be reduced, but we do not anticipate a share repurchase would be done at the expense of increasing our leverage ratio longer term.

any further share repurchases would have an impact on how quickly the leverage would be reduced but we do not anticipate a share repurchase would be done at the expense of increasing our leverage ratio longer term


On the second question regarding new acquisitions, all of these businesses continue to grow very strongly. So I think that new governance model that we had envisaged, where we leave them a certain degree of autonomy

on the second question regarding new acquisitions all of these businesses continue to grow very strongly so i think that new governance model that we had envisaged where we leave them a certain degree of autonomy


and its ability to provide us with the expertise around managing from a public market -- publicly listed entity, private market investments.

and its ability to provide us with the expertise around managing from a public market -- publicly listed entity private market investments


We've gone through -- the industry has gone through a very large number of repricings for all the reasons that I've outlined earlier in terms of the pressure that clients are under.

we've gone through -- the industry has gone through a very large number of repricings for all the reasons that i have outlined earlier in terms of the pressure that clients are under


Furthermore, as the company's asset base continues to develop, we forecast that our base level corporate decline shallows and assuming a maintenance capital scenario in 2020 similar to this year,

furthermore as the company's asset base continues to develop we forecast that our base level corporate decline shallows and assuming a maintenance capital scenario in 2020 similar to this year


This is consistent with softening demand or inventory destocking. I should note that the last week of our fiscal March, which was the first week of calendar April,

this is consistent with softening demand or inventory destocking i should note that the last week of our fiscal march which was the first week of calendar april


that, as I said in the prepared remarks, not only do we get the benefit of those big projects, but we get the benefit of all the small projects and the construction activity that occurs around those areas of development.

that as i said in the prepared remarks not only do we get the benefit of those big projects but we get the benefit of all the small projects and the construction activity that occurs around those areas of development


led that provided so much free media. It's hard to imagine that there's anybody out there who would be as shocking and also has decades of being famous.

that provided so much free media it's hard to imagine that there's anybody out there who would be as shocking and is also has decades of being famous


There were multiple reasons for this development also in Q4, which we will elaborate later and which have also made us to think about the new program that is needed in the business.

there were multiple reasons for this development also in q4 which we will elaborate later and which have also made us to think about the new program that is needed in the business


the plan kind of called for that you would expect some kind of flattening over the next couple of quarters. So, I just want to make sure that we're thinking about the cadence right particularly

the plan kind of called for that you would expect some kind of flattening over the next couple of quarters so i just want to make sure that we're thinking about the cadence right particularly


how you choose what brands you want? Well, I mean, you try to get a shortlist that's in categories where brand plays an important role, that it's relevant to not only the business we're in today but where we want to take the business.

how you choose what brands you want well i mean you try to get a short list that's in categories where brand plays an important role that is relevant to not only the business we're in today but where we want to take the business


could you just simply explain what exactly is the allowance rate? Is that the balance sheet item allowance for doubtful accounts divided by your receivables balance?

could you just simply explain what exactly is the allowance rate is that the balance sheet item allowance for doubtful accounts divided by your receivables balance


of talent of this company tremendously all the way throughout. And also, our financial situation is very good right now. And so we can invest in the future

of talent of this company tremendously all the way throughout and also our financial situation is very good right now and so we can invest in the future


that Oaktree is not about to lower our quality standards, our credit standards and incrementally take on a whole lot more risk in order to achieve returns that are very difficult in this environment.

that oaktree is not about to lower our quality standards or credit standards and incrementally take on a whole lot more risk in order to achieve returns that are very difficult in this environment


as we would move forward and expect to look into both the acquisition of loans and the retention of loans through securitization, that those sorts of investments do qualify.

as we would move forward and expect to look into both the acquisition of loans and the retention of loans through securitization that -- those sorts of investments do qualify so


He and I are fully aligned on our vision for Univar's future and how we will get there. David is the perfect person to partner with me to accelerate profitable growth around the world.

he and i are fully aligned on our vision for univar's future and how we will get there david is the perfect person to partner with me to accelerate profitable growth around the world


provide a little more detail on the Safe Schools. You mentioned state priorities are reflecting the need for this, but are you seeing anything in budgeting specifically? Or is it still kind of just more commentary?

provide a little more detail on the safe schools you mentioned state priorities are reflecting the need for this but are you seeing anything in budgeting specifically or is it still kind of just more commentary


our outlook for the rest of the year. We'll cover some specifics on our 2 platforms, followed by selected highlights from our financial statements, our liquidity and our cash flow. Afterwards, we'll open up the call for your questions.

and our outlook for the rest of the year we'll cover some specifics on our 2 platforms followed by selected highlights from our financial statements our liquidity and our cash flow afterwards we'll open up the call for your questions


our peers. We're exposed to more of those end markets and device types. And the guidance we have reflects our view of the world and the conversations we're having

our peers were exposed to more of those end markets and device types and the guidance we have reflects our view of the world and the conversations we're having


I will outline for you how this is lining up for a beautiful choreography of releasing 3 key sets of top line data in quick succession starting in the coming year.

i will outline for you how this is lining up for a beautiful choreography of releasing 3 key sets of top line data in quick succession starting in the coming year


will all be automated. We should be able to do all of our positive pay for all of our checking accounts, which will help with any type of fraud. I mean, it's an amazing transition when you go from

will all be automated we should be able to do all of our positive pay for all of our checking accounts which will help with any type of fraud i mean it's an amazing transition when you go from


The transaction, which we expect will close during our fiscal Q3, includes a license fee as well as the sale of related inventory and manufacturing equipment at net book value,

the transaction which we expect will close during our fiscal q3 includes a license fee as well as the sale of related inventory and manufacturing equipment at net book value


processes and procedures that we have put in place in conjunction with the reorg that we announced at the beginning of October of last year. And we reviewed these with you all before in terms of

processes and procedures that we have put in place in conjunction with the reorg that we announced at the beginning of october of last year and we reviewed these with you all before in terms of


explicit. And you will see that in all 3 business sectors, we have a clearly over-proportionate impact on the bottom line compared to the top line effect, which by nature, drives down the margin.

explicit and you will see that in all 3 business sectors we have a clearly overproportionate impact on the bottom line compared to the top line effect which by nature drives down the margin


for continued investment by our -- what we believe to be one of the leading investment teams on the ground there, to continue deploying capital in that region of the world, as it obviously, continues to grow much faster than the developed markets.

for continued investment by our what we believe to be one of the leading investment teams on the ground there to continue deploying capital in that region of the world as it obviously continues to grow much faster than the developed markets


you have any strategic idea or meaningfulness to do them separately in Japan and overseas, please tell us what are the background reasons, if any?

if you have any strategic idea or meaningfulness to do them separately in japan and overseas please tell us what are the background reasons if any


Also on claims, as Martin mentioned, the reserves have continued to develop favorably in 2015, and our consistent approach to setting those reserves means that we finish the

also on claims as martin mentioned the reserves have continued to develop favorably in 2015 and our consistent approach to setting those reserves means that we finish the year


In SME, we focused fully on our KPN ONE product and we are seeing steady progress in large enterprise and corporate due to the introduction of a number of focused propositions.

in sme we focus fully on our kpn1 product and we are seeing steady progress in large enterprise and corporate due to the introduction of a number of focused propositions


on both the labor and food cost lines? I'm just curious how quickly we can see those benefits. Jack, if there's anything you can tell us about the cadence in which you'd expect to see some of those initiatives pay some dividends for you guys.

on both the labor and food cost lines i'm just curious how quickly we can see those benefits jack if there's anything you can tell us about the cadence in which you'd expect to see some of those initiatives pay for -- some dividends for you guys


partially offset by higher EBITDA from the unconsolidated affiliates due to placing TransPecos and Comanche Trail into service and higher natural gas sales from pipeline optimization activities.

partially offset by higher ebitda from the unconsolidated affiliates due to placing transpacific and comanche trail into service and higher natural gas sales from pipeline optimization activities


especially the long-term contracts are very often international contracts and there usually the competition is not as strong as we see some of our domestic German business.

especially the long-term contracts are very often international contracts and there usually the competition is not as strong as we see some of our domestic german business


We plan to leverage new tools to make our meetings more integrated with our vision for the future, better utilizing technology to simplify the check-in process and finding other ways to support our team

we plan to leverage new tools to make our meetings more integrated with our vision for the future better utilizing technology to simplify the check-in process and finding other ways to support our team


I will also like to thank our loyal employees, customers, suppliers and stockholders for their continued support and commitment, which has helped shape Reliance into the strong company that it is today.

i would also like to thank our loyal employees customers suppliers and stockholders for their continued support and commitment which has helped shape reliance into the strong company that it is today


which has resumed its organic growth and delivered strong results. We continue to assess our international portfolio and seek opportunities to grow in some areas and to potentially contract in others,

which has resumed its organic growth and delivered strong results we continue to assess our international portfolio and seek opportunities to grow in some areas and to potentially contract in others


with all of you and understand your desire to see that information. I think in this particular instance, we would likely give the next update after the third patient has been dosed to inform everyone of that.

with all of you and understand your desire to see that information i think in this particular instance we would likely give the next update after the third patient has been dosed to inform everyone of that


our learning experience platform in the middle of last year. We then rolled out our Content Anytime subscription at the end of last year. We've seen really good demand

our learning experience platform in the middle of last year we then rolled out our content anytime subscription at the end of last year we've seen really good demand


and with further clarity on the sparsentan pathway, we are prioritizing potential transactions to build a sustainable portfolio to serve rare disease patients. I'll now turn the call over to Laura to give you the financial update. Laura?

and with further clarity on the sparsentan pathway we're prioritizing potential transactions to build a sustainable portfolio to serve rare disease patients i'll now turn the call over to laura to give you the financial update laura


that really the technology has advanced to the point within the last 5 years, so that Trimble 5 to 10 years ago was talking in a construction firm to the equipment manager

that really the technology has advanced to the point within the last 5 years so that trimble 5 to 10 years ago was talking in a construction firm to the equipment manager


to Fisk Electric, Becho drilling and Desert Mechanical with their appropriate margins. So these jobs have a profound impact on our operation

to fisco electric beco drilling and desert mechanical with their appropriate margins so these jobs have a profound impact on our operation


which offered liquidity to large share of shareholders and was an effect -- an efficient method of continuing the share repurchase program that we have had in place during our time as a public company.

which offered liquidity to large shareholders and was in effect an efficient method of continuing the share repurchase program that we have had in place during our time as a public company


Our significantly expanded customer base will provide scale and more revenue opportunities for our digital courseware and LoudCloud services, including highly demanded analytics.

our significantly expanded customer base will provide scale and more revenue opportunities for our digital courseware and lab cloud services including highly demanded analytics


I would tell you as you look out over time, absent any new technologies, those numbers start coming down because we pretty much saturated the market with things like LED lighting and more efficient appliances and things like that. So

i would tell you as you look at over time absent any new technologies those numbers start coming down because we've pretty much saturated the market with things like led lighting and more efficient appliances and things like that so


to allow us to take on whatever orders come at us, have the capacity to deal with it and not be sitting on excess capacity when we don't need it or don't want it. So

to allow us to take on whatever orders come at us have the capacity to deal with it and not be sitting on excess capacity when we don't need it or don't want it so


We continue to be pleased with the level of free cash flow generation from the alternatives platform. And as we have explained on prior calls, we generate returns from the infrastructure platform in 2 ways.

we continue to be pleased with the level of free cash flow generation from the alternatives platform as we have explained on prior calls we generate returns from the infrastructure platform in 2 ways


like Dallas, for example, where we were trying to really grow explosively and we may have decided to be slightly more aggressive in a vacuum. As you can imagine, when you have

like dallas for example where we were trying to really grow explosively and we may have decided to be slightly more aggressive in a vacuum as you can imagine when you have


thought and questions about some of our business from those listening in. So maybe Jord we can open the phone lines up and answer any additional questions that investors

thought and questions about some of our business from those listening in so maybe georg we can open the phone lines up and answer any additional questions that the investors


Once we better understand the impacts of our go-forward services strategy, we'll have a clear insight into 2018 revenue trends and will communicate that detail with you as soon as possible in the coming months.

once we better understand the impacts of our go-forward services strategy we'll have clear insight into 2018 revenue trends and we'll communicate that detail with you as soon as possible in the coming months


Before we begin, let me remind you that certain statements made on this call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects.

before we begin let me remind you that certain statements made on this call may constitute forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ from those that the company expects


I'm also pleased to announce some green shoots in our joint venture in East Africa. We now have a dedicated pioneer team on the ground working with us to develop the beverage category in the region.

i'm also pleased to announce some green shoots in our joint venture in east africa we now have a dedicated pioneer team on the ground working with us to develop the beverage category in the region


This is a great achievement for our young company. It reflects the culture of collaboration and mutual respect that we embody in our workplace and that we project in our dealings with customers.

this is a great achievement for our young company it reflects the culture of collaboration and mutual respect that we embody in our workplace and that we project in our dealings with customers


what the price is on the date that the options are granted. I would essentially say that because of the annual grant, the exercise price will be lower than it was last year.

on what the price is on the date that the options are granted i would essentially say that because the annual grant the exercise price will be lower than it was last year


with a full solution to the problems that they're facing. And in my past experience, both at Premier and in McKesson, many of these issues are the same ones that they've been dealing with for many years.

with a full solution to the problems that they're facing and in my past experience both at premier and mckesson many of these issues are the same ones that they've been dealing with for many years


So as we look at the export, obviously, the netbacks are extremely challenging right now, and we're going to be disciplined with respect to how we look at those. We do have

so as we look at the export obviously the netbacks are extremely challenging right now and we're going to be disciplined with respect to how we look at those we do have


So I would kind of label this as periodic business as usual, meaning that periodically, we look at our requirements and we're continually raising the bar as we go forward.

so i would kind of label this as periodic business as usual meaning that periodically we look at our requirements and we're continually raising the bar as we go forward


Through an expected larger investable capital base across the Solar platform, SUNS will be more of a full solution provider, which should result in greater deal flow for Solar Senior and our first lien loan program.

through an expected larger investable capital base across the solar platform suns will be more of a full solution provider which should result in greater deal flow for solar senior and our first lean loan program


And as you can see at the bottom of this slide, the actual charter revenues were significantly higher than the backlog going into the quarter, illustrating the upside potential from profit share arrangements and spot trading vessels.

and as we can see at the bottom of this slide the actual charter revenues were significantly higher than the backlog going into the quarter illustrating the upside potential from profit share arrangements and spot trading vessels


and building up in inventory prior to final inspection and approval that will give us the ability to expand our service levels

and building up an inventory prior to final inspection and approval that that will give us the ability to expand our service levels


that will determine whether the start contains in addition to the constraints that you talked about. And just those number of variables, I don't know that it's prudent for me at this point

that will determine whether the start contains in addition to the constraints that you talked about and just those number of variables i don't know that it's prudent for me at this point


The execution of these actions was accelerated into the first quarter, and the financial benefits recognized earlier in the year than were originally contemplated.

the execution of these actions was accelerated into the first quarter and the financial benefits recognized earlier in the year than were originally contemplated


We see it in a greater number of customers entering our active tradings here, an increase in new customers trading options, and ultimately, in our strong growth in DARTs and our outsized improvement in derivatives trades,

we see it in a greater number of customers entering our active trading tier an increase in new customers trading options and ultimately in our strong growth in darts and our outsized improvement in derivatives trades


also higher conversion rates, in fact, based on the higher proficiency and great engagement of our store associates, but also the fact that customers have done more research before they go to the stores. So you see

also higher conversion rates in part based on the higher proficiency and great engagement of our store associates but also the fact that customers have done more research before they go to the store so you see


I did yesterday, for the first time, see a survey that some bankers were starting to get a little bit concerned about -- as they look into calendar 2020, starting to get concerned about the

i did yesterday for the first time see a survey that some bankers were starting to get a little bit concerned about -- as they look into calendar 2020 started to get concerned about the


aren't targeting big allocations to cash because even though cash returns have come up, they're still significantly below longer term, either equity or fixed income assets.

aren't targeting big allocations to cash because even though cash returns have come up they're still significantly below longer term either equity or fixed income assets


foundation of this is to put idle cash to work and to eliminate cash drag, even if it's temporary, as rates rise, does that start to just become a

foundation of this is to put idle cash to work and to eliminate cash drag even if it's temporary as rates rise does that start to just become a


The broad-based growth across the business and the 3 focus areas demonstrates the consistent and effective execution of our strategy through our 6 execution priorities.

the broad-based growth across the business and the 3 focus areas demonstrates the consistent and effective execution of our strategy through our 6 execution priorities


These include improving store performance, strengthening our value proposition to our customers, ensuring responsible compliant sourcing and expanding the business.

these include improving store performance strengthening our value proposition to our customers ensuring responsible compliant sourcing and expanding the business


For this reason, we cofounded and operate the Helios LPG Pool which now includes 29 ships. We have and will continue to explore growth opportunities.

for this reason we co-founded and operate the helios lpg pool which now includes 29 ships we have and will continue to explore growth opportunities


my revenues come down. The beauty of all that is, is that's our model of alignment, and so our patient costs go down, our client costs go down and our shareholder value goes up, and that's what we're all about.

my revenues come down the beauty of all that is is that's our model of alignment and our -- so our patient costs go down our client costs go down and our shareholder value goes up and that's what we're all about


Our guidance assumes a slight increase in retention and an increase in graduates between years of approximately 13%. The significant retention gains we have seen in recent years and the continued shift to a higher percentage of graduate students

our guidance assumes a slight increase in retention and an increase in graduates between years of approximately 13% the significant retention gains we have seen in recent years and the continued shift to a higher percentage of graduate students


as part of our merger, and as a result, the entire purchase price allocation as well as all the expenses of the merger have been recorded and fully accounted for in our financials.

as part of our merger and as a result the entire purchase price allocation as well as all the expenses of the merger have been recorded and fully accounted for in our financials


because there is basis with weakness in the West, the farmer has a significant amount of corn still to market, the commercial needs to make space for a big harvest coming in corn and beans. And without a Chinese program,

because there is basis weakness in the west the farmer has a significant amount of corn still to market the commercial needs to make space for a big harvest coming in corn and beans and without a chinese program


We have a responsibility to our consumers and our shareholders to make sure that we have the capabilities to perform. And that's exactly what we've been focused on.

we have a responsibility to our consumers and our shareholders to make sure that we have the capabilities to perform and that's exactly what we've been focused on


I know it's hard to predict this sort of thing in the past when there's been destocking. Yes, usually that's about a quarter. What makes you comfortable that this Asian beverage situation is

i know it's hard to predict this sort of thing in the past when there's been destocking yes it usually lasts about a quarter what makes you comfortable that this asian beverage situation is


I think it has given us the ability to grow our sales even in a very tough market. I can turn it over to Diego to see if he wants to add anything. He's on the phone and talk about the ag business. Okay.

i think it has given us the ability to grow our sales even in a very tough market i can turn it over to diego to see if he wants to add anything he's on the phone and talk about the


Maybe just help us understand really what drives your business there and maybe even broaden it out to Europe because actually thought the European performance was a little bit better given some of the macro scares?

maybe just help us understand really what drives your business there and maybe even broaden it out to europe because i actually thought the european performance was a little bit better given some of the macro scares


It is a good example of how successful local innovations can be picked up and rolled out globally. In fact, these innovations like Cif are now in 15 markets or more.

it is a good example of how successful local innovations can be picked up and rolled out globally in fact these innovations like cif are now in 15 markets or more


a bit slower because the amount that we already repurchased is enough to fund the company in the long run.

a bit slower because the amount that we already repurchase is enough to fund the company in the long run


The overall business climate continues to be stable across our European footprint, with ag equipment demand fueled by an aging machine population, available financing and recent favorable yields.

the overall business climate continues to be stable across our european footprint with ag equipment demand fueled by an aging machine population available financing and recent favorable yields


in July, which provides a new reticulation line from the center of the country up to where the Lake Zone where our gold mines are, we should see

in july which provides a new reticulation line from the center of the country up to where the lake zone where our gold mines are we should see


how doable it is. So I think you'll find that all of us really feel very good about where we're going, how we're going to get this done and that it's just a very solid opportunity for us.

how doable it is so i think you'll find that all of us really feel very good about where we're going how we're going to get this done and that it's just a very solid opportunity for us


automotive customers. And if we were to stay in this segment, we would need to invest heavily into new generation of wires that are needed for the automotive sector.

automotive customers and if we were to stay in this segment we would need to invest heavily into new generation of wires that are needed for the automotive sector


As you know, we have a unit in Ireland called EirGen, which is especially equipped to make very potent chemicals that need to be handled in special ways.

as you know we have a unit in ireland called ergen which is especially equipped to make very potent chemicals that need to be handled in special ways


There'll be always a bit of ramp-up as we go. So the first, call it, the first part of that contract will be in that ramp-up phase. Then it'll run relatively steady state for a good chunk of it and then ramp down at the end.

there'll always be a bit of a ramp-up as we go so the first -- the first part of that contract will be in that ramp-up phase then it'll run relatively steady state for a good chunk of it and then ramp down at the end


The DRIP program enables shareholders to acquire additional subordinated voting shares from Cara by reinvesting all of their cash dividends. The shares purchased will be issued at a discount from the market price of those shares.

the drip program enables shareholders to acquire additional subordinated voting shares from kara by reinvesting all of their cash dividends the shares purchase will be issued at a discount from the market price of those shares


closed them on January 1. There's a couple of main drivers in the guidance. First of all, we've made some comments during the quarter that January got off to a slow start.

closed on them january 1st there's a couple of main drivers in the guidance first of all we've made some comments during the quarter that january got off to a slow start


The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


The combination of these improvements will enable us to be more active going forward, and we are in a much better position for future growth, both organically as well as through acquisitions.

the combination of these improvements will enable us to be more active going forward and we are in a much better position for future growth both organically as well as through acquisitions


However, we feel very confident that we have high efficiency and lower costs than some of the current public providers of the same services.

however we feel very confident that we have high efficiency and lower costs than some of the current public providers of the same services


This work is part of our continued efforts to drive operational efficiencies throughout our company and realize expense reductions related to staff, office space, compensation and benefits.

this work is part of our continued efforts to drive operational efficiencies throughout our company and realize expense reductions related to staff office space compensation and benefits


you guys know this. I mean, the ERCOT weather can change on a dime. And so we want to -- I think it's prudent for us not to do anything yet on full year guidance, and we'll have a lot to talk about at the Q3 call around that.

you guys know this i mean the irkut weather can change on a dime and so we want to -- i think it's prudent for us not to do anything yet on full year guidance and we'll have a lot to talk about at the q3 call around that


Thank you. Fiscal 2016 was a rewarding year in which the hard work, difficult choices and strategic decision-making of the past few years has lead to a significant improvement in our financial performance

thank you fiscal 2016 was a rewarding year in which the hard work difficult choices and strategic decision-making of the past few years has led to a significant improvement in our financial performance


Massachusetts and Ohio are the only 2 of our top 10 states by revenue scheduled to put their TPL business out to bid this year, compared to 5 of the top 10 last year.

massachusetts and ohio are the only 2 of our top 10 states by revenue scheduled to put their tpl business out to bid this year compared to 5 of the top 10 last year


Customers are signing up for our Early Adopter Program for Blackbaud Cloud Solution for Faith Communities and the Church Management components, which will be available next year for general availability.

customers are signing up for our early adopter program for blackbaud cloud solution for faith communities and the church management components which will be available next year for general availability


There are some areas where we will work closely together to support our operations, and we are confident we will continue to realize additional synergies over time.

there are some areas where we will work closely together to support our operations and we are confident we will continue to realize additional synergies over time


within the storage business that we need to take better advantage of, particularly in the enterprise and the cloud space. And we have the knowledge, skills and ability to do that.

within the storage business that we need to take better advantage of particularly in the enterprise and the cloud space and we have the knowledge skills and ability to do that


we can sell the assets at the right price, redeploy the capital appropriately. We're obviously sitting on a fair amount of cash currently and so the balance and timing of that is something that we're taking into consideration as we look at how to

we can sell the assets at the right price redeploy the capital appropriately we're obviously sitting on a fair amount of cash currently and so the balance and timing of that is something that we're taking into consideration as we look at how to


certain clients that want to just write a check and put the case behind them, and don't necessarily feel at this time a subscription is. So it is a little bit more difficult to know in any 90-day period

certain clients that want to just write a check and put the case behind them and don't necessarily feel at this time that a subscription is so it is a little bit more difficult to know in any 90-day period


This kind of momentum in revenue growth was also reflected in the segment income, where the income growth was larger than the revenue

this kind of momentum in revenue growth was also reflected in the segment income where the income growth was larger than the revenue growth


in the long run and this is really what makes us get up in the morning, and this is definitely the course that we have set for our company. Thank you very much. If you have questions, we will be

in the long run and this is really what makes us get up in the morning and this is definitely the course that we have set for our company thank you very much if you have questions we will be


potential have some pressure as we get into the colder months but -- outside of that. And was there -- I mean, have you seen, I guess, there was a big election issue in Ontario, but have you seen any change in utilities cost

potentially have some pressure as we get into the colder months but outside of that and was there -- i mean have you seen -- i guess that was a big election issue in ontario but have you seen any change in utilities costs


beyond the major OEM that we're dealing with. So by far, the hottest market in the world for fuel cells is China. And a couple of facts on that market of what they've targeted is

beyond the major oem that we're dealing with so by far the hottest market in the world for fuel cells is china and a couple of facts on that market what they've targeted is


than they would have before. In fact, there's an interesting incident from one of our hubs that told us that, recently, that they used to have 4 people in total doing this kind of compliance work manually.

than they would have before in fact there's an interesting incident from one of our hubs that told us that recently that they used to have 4 people in total doing this kind of compliance work manually


With this dividend increase the board wants to convey a positive outlook regarding the resolution of some of the last remaining waivers.

with this increase the board wants to convey a positive outlook regarding the resolution of some of the last remaining waivers


We needed, however, an improved level of engagement to proactively drive value. The introduction of the TriMas Business Model enabled rapid progress against this effort,

we needed however an improved level of engagement to proactively drive value the introduction of the trimas business model enabled rapid progress against this effort


Shareholders equity has fallen during the year mainly due to the reduction in the market value of the financial investment portfolio and the depreciation of our main currencies against the euro,

shareholders' equity has fallen during the year mainly due to the reduction in the market value of the financial investment portfolio and the depreciation of our main currencies against the euro


I think there's no question that they're going to have to constitute an infrastructure bill in Washington because the Democrats and Republicans, it seems to be the only thing they agree on.

i think there's no question that they're going to have to constitute an infrastructure bill in washington because the democrats and republicans it seems to be the only thing they agree on


as well as higher employee-related expenses associated with increased headcount necessary to support the company's growth, partially offset by lower platform related expenses.

as well as higher employee-related expenses associated with increased headcount necessary to support the company's growth partially offset by lower platform-related expenses


We're in the mix. We're constantly looking for them. And we get phone calls from time to time to focus on very, very large transactions. But we did not have a large transaction in Q1. As it relates to the confidence on Fannie coming back into the market,

we're in the mix we're constantly looking for them and we get phone calls from time to time to focus on very very large transactions but we did not have a large transaction in q1 as it relates to the confidence on fannie coming back into the market


to retain a 5% buffer in terms of our equity, in terms of our talks or the analysis that we're doing right now, if this were to materialize.

to retain a 5% buffer in terms of our equity in terms of our talks or the analysis that we're doing right now if this were to materialize


My objective is to protect the profitability of the company. And you will see in the coming days or months that, yes, we are losing some, but we are gaining some.

my objective is to protect the profitability of the company and you will see in the coming days or months that yes we are losing some but we are gaining some


So we're continuing to work on additional cost savings projects to close the gap to 110. These additional projects will likely include actions to rationalize excess facilities

so we're continuing to work on additional cost savings projects to close the gap to 1 10 these additional projects will likely include actions to rationalize excess facilities


We are also making good progress on our flexible robotics platform, first targeted to address the acute need in diagnosis of lung cancer, one of the most commonly diagnosed forms of cancer in the world and for which early detection is important.

we are also making good progress on our flexible robotics platform first targeted to address the acute need in diagnosis of lung cancer one of the most commonly diagnosed forms of cancer in the world and for which early detection is important


We also saw trends in our full-price retail stores dramatically improve in the first quarter and so far into the second quarter. We attribute this to better management of our product offering, promotions and marketing.

we also saw trends in our full-price retail stores dramatically improve in the first quarter and so far into the second quarter we attribute this to better management of our product offering promotions and marketing


which was the litmus test we wanted to use to see if the restructuring was successful, and we're now getting back into a growth phase. So overall, pretty good showing here of our retail business.

which was the litmus test we wanted to use to see if the restructuring was successful and we're now getting back into a growth phase so overall pretty good showing here of our retail business


much better processes in place than we certainly had 2 years ago as it relates to managing our working capital. It is the key emphasis for the business, and we also operate under a

much better processes in place than we certainly had 2 years ago as it relates to managing our working capital it is a key emphasis for the business and we also operate under a


As we have stated on previous calls, we believe our non-Harvey market performance is the best indicator to use when analyzing our retail business during the quarters impacted by the hurricane.

as we have stated on previous calls we believe our non-harvey market performance is the best indicator to use when analyzing our retail business during the quarters impacted by the hurricane


right? We're in -- while the ramp is not as robust this season as we and our clients thought it would be, there still is some in there. There's still some work to add talent in there by geo.

right we're in -- while the ramp is not as robust this season as we and our clients thought it would be there still is some in there there's still some work to add talent in there by geo


in a time marked by significant external headwinds. Our result for the first half demonstrates a returning predictability to our financial and operational result and reflects a stabilizing

in a time marked by significant external headwinds our result for the first half demonstrates a returning predictability to our financial and operational result and reflects a stabilizing


To enhance governance, we'll implement responses to our corporate governance code and enhance our director monitoring functions. This will increase accountability for our group corporate value.

to enhance governance we'll implement responses to our corporate governance code and enhance our director monitoring functions this will increase accountability for our group corporate value


On the 48-volt front, the deployment of our products in data center is expected to be delayed beyond calendar 2017 due to a change in requirements for the targeted lead project.

on the 48-volt front the deployment of our products in data center is expected to be delayed beyond calendar 2017 due to a change in requirements for the targeted lead project


and not really being affected by the fact that somebody has 2 or 3 product lines that they're selling together to a customer. That's been at least my experience. So I don't think that's going to have a

and not really being affected by the fact that somebody has 2 or 3 product lines that they're selling together to a customer that's been at least my experience so i don't think that's going to have a


We manage and monitor each component to ensure that we are developing an insurance book in a business model that will deliver sustainable midteens returns over the long term.

we manage and monitor each component to ensure that we are developing an insurance book and a business model that will deliver sustainable mid-teens returns over the long term


Although we've now restored the majority of our affected systems, in a few cases, parts of our supply chain have still not fully recovered, and we anticipate some impacts in our third quarter.

although we've now restored the majority of our affected systems in a few cases parts of our supply chain have still not fully recovered and we anticipate some impacts in our third quarter


We have the flexibility to direct the resulting surplus cash to further debt reduction, expand the capital program, make value-adding acquisitions or potentially to increase the dividend under the right circumstances.

we have the flexibility to direct the resulting surplus cash to further debt reduction expand the capital program make value-adding acquisitions or potentially to increase the dividend under the right circumstances


Thanks, Mark. Before we open the call to questions, let me close by saying that we continue to manage our business operations well, and we remain excited about the strength we see in construction activity and in rental demand.

thanks mark before we open the call to questions let me close by saying that we continue to manage our business operations well and we remain excited about the strength we see in construction activity and in rental demand


Before we begin, we must state that today's call does contain forward-looking statements, including statements concerning future revenues and costs, forecast of capacity traffic, load factor, fleet plans and fuel prices.

before we begin we must state that today's call does contain forward-looking statements including statements concerning future revenues and cost forecast of capacity traffic load factor fleet plans and fuel prices


And then I wondered, Devin, can you give us any perspective on what you guys see in terms of inventory sitting in the distribution channels right now?

and then i wondered devin can you give us any perspective on what you guys see in terms of inventory sitting in the distribution channels right now


and around 70% of which are over 20 years old. With high levels of homeownership and the strong emotional connection to the home, we continue to see that our consumers invest in brands and products they trust,

and around 70% of which are over 20 years old with high levels of homeownership and the strong emotional connection to the home we continue to see that our consumers invest in brands and products they trust


excluding the impact of On Time, the business -- the broader business has really performed well in this kind of crazy economic environment in which we're operating in.

excluding the impact of on-time the business -- the broader business has really performed well in this kind of crazy economic environment in which we're operating in


Of course, it always looks at what the seller is looking for. And we want to make sure that it's appropriate for us what the seller is requiring versus just the idea that we can do an acquisition.

of course it always looks at what the seller is looking for and we want to make sure that it's appropriate for us what the seller is requiring versus just the idea that we can do an acquisition


We look forward to seeing the board gaining momentum in the exercise of their legal mandate of instilling fiscal discipline, while providing a path towards a consensual resolution of Puerto Rico's economic and fiscal challenges.

we look forward to seeing the board gaining momentum in the exercise of their legal mandate of instilling fiscal discipline while providing a path towards a consensual resolution of puerto rico's economic and fiscal challenges


the outline box demonstrates the amount of capital that would be required for an increase. But it's important to note, any increase in the premium reduces the amount of the increase in the capital. Because

the outline box demonstrates the amount of capital that would be required for an increase but it's important to note any increase in the premium reduces the amount of the increase in the capital because


Definitions and reconciliations of differences between GAAP and non-GAAP financial measures are provided in Appendix A of both the earnings release and the prepared remarks.

definitions and reconciliations of differences between gaap and non-gaap financial measures are provided in appendix a of both the earnings release and the prepared remarks


Brazil is a good example of how we are using formats as an NRM tool. Small formats enable more accessible price points and extend our access to new consumer occasions.

brazil is a good example of how we are using formats as an nrm tool small formats enable more accessible price points and extend our access to new consumer occasions


compared to the control arm. Secondary endpoints include an OS comparison of the doublet to the control arm and the triplet to the doublet. The study includes a 30-patient safety lead-in to

compared to the control arm secondary endpoints include an os comparison of the doublet to the control arm and the triplet to the doublet the study includes a 30-patient safety lead-in to


Additionally, there's more opportunity to optimize our logistics and supply chain to deliver stronger bottom line performance and a better end-to-end shopping experience. We have solid plans and execution paths for both.

additionally there's more opportunity to optimize our logistics and supply chain to deliver stronger bottom line performance and a better end-to-end shopping experience we have solid plans and execution paths for both


We're in the middle of bid season. And in March, we saw volume decline in more pricing pressure. So we're trying to be realistic about our expectations than we'll have more insight when we report on the second quarter in July.

we're in the middle of bid season and in march we saw volume decline and more pricing pressure so we're trying to be realistic about our expectations and we'll have more insight when we report on the second quarter in july


Before we start, I'll remind you that our remarks include forward-looking statements. There are a number of risk factors that could cause Super Micro's future results to differ materially from our expectations.

before we start i'll remind you that our remarks include forward-looking statements there are a number of risk factors that could cause supermicro's future results to differ materially from our expectations


Furthermore, as our customers transition to larger wind blades under existing contracts, the revenue per line will increase, providing additional revenue growth opportunities from existing facilities.

furthermore as our customers transition to larger wind blades under existing contracts the revenue per line will increase providing additional revenue growth opportunities from existing facilities


This supported demand environment was reflected in our results for the quarter. We were very encouraged by the magnitude and broad-based nature of our sales and order growth this quarter, both of which achieved record levels for our business.

this supportive demand environment was reflected in our results for the quarter we were very encouraged by the magnitude and broad-based nature of our sales and order growth this quarter both of which achieved record levels for our business


Ted is a highly accomplished business leader whose 30 years of retail experience is a strong complement to the expertise that is currently represented on our board.

ted is a highly accomplished business leader whose 30 years of retail experience is a strong complement to the expertise that is currently represented on our board


So what we don't want to do is, we don't want to chase volume. I think what we're mostly focused on is being really, really efficient. So some of the metrics we'll talk about is capital and turnover

so what we don't want to do is we don't want to chase volume i think what we're mostly focused on is being really really efficient so some of the metrics we'll talk about is capital and turnover


we believe that when they need more capacity, they will buy newer generation equipments. So some of that's already happening. We think that there will be a replacement cycle created

we believe that when they need more capacity they will buy newer generation equipment so some of that's already happening we think that there will be a replacement cycle created


Regarding the economics of the acquisition, Thad has already discussed how we redeploy capital from wholesale generation into retail, tripling the EBITDA on a similar amount of net capital deployed.

regarding the economics of the acquisition sam has already discussed how we redeploy capital from wholesale generation into retail tripling the ebitda on a similar amount of net capital deployed


Unfortunately, that load growth was fully eclipsed this year by a remarkable contribution from wind during the peak hour, primarily as a result of windier conditions as well as, to a lesser extent, new capacity.

unfortunately that low growth was fully eclipsed this year by a remarkable contribution from wind during the peak hour primarily as a result of windier conditions as well as to a lesser extent new capacity


So in the first quarter, it remains unchanged. Similar amount is going to be added on and by the end of the year, you wish that it will go away, that's the expectation?

so in the first quarter it remains unchanged similar amount is going to be added on and by the end of the year you wish that it will go away that's the expectation


The Foodservice business was further impacted by the sale of the Trenton facility. Excluding the hurricane and Trenton impacts, Foodservice net sales would have been approximately flat versus a year ago.

the food service business was further impacted by the sale of the tretton facility excluding the hurricane and tretton impacts food service net sales would have been approximately flat versus a year ago


we positioned ourselves as a company that understands the space really well and then understands how to leverage the data that this company was generating is what helped us stand apart.

we positioned ourselves as a company that understands the space very well and then understands how to leverage the data that this company was generating is what helped us stand apart


I would rather have you assume that we will not have a very significant margin growth. There may be some variation in the margins because

i would rather have you assume that we will not have a very significant margin growth there may be some variation in the margins because


We are going to avoid any downgrades because we think an investment grade gives so much stability and additional resilience to this organization. Certainly. Yes?

we are going to avoid any downgrades because we think an investment grade gives so much stability and additional resilience to this organization yes


which gives a certain confidence because we have the orders on hand. But of course we have to do a good job now to make sure that customers are happy and that we can deliver on time.

which gives a certain confidence because we have the orders on end but of course have to do a good job now to make sure that customers are happy and that we can deliver on time


to specific parts of the market and getting access to that. And actually, saving overheads because we don't need to send physical sales forces there but it's not a standalone business. That's why we would rather say the

to specific parts of the market and getting access to that and actually saving overheads because we don't need to send physical sales forces there but it's not a stand-alone business that's why we would rather say the


At lower cost, we have already created more than 600 pieces of video content. It's currently an output of 20 piece per day and will get beyond 40 on a daily basis by the end of the year.

at lower cost we have already created more than 600 pieces of video content that's currently an output of 20 pieces per day and will get beyond 40 on a daily basis by the end of the year


Second quarter noninterest income was largely in line with expectations although changes in mix are expected other -- over the remainder of the year as certain income streams are subject to seasonal variance.

second quarter noninterest income was largely in line with expectations although changes in mix are expected over the remainder of the year as certain income streams are subject to seasonal variance


We've moderated our guidance for it on capital. We think the disposable of those who do have it will continue. And we will also be a little bit more flexible on evaluations and for those thought leaders who wish to start programs

we've moderated our guidance for it on capital we think the disposable of those who do have it will continue and we'll also be a little bit more flexible on evaluations and the staff for those thought leaders who wish to start programs


relative to maintaining some level of dividend, and then also how you contemplate sort of debt repayment over that period of time as well. I guess, I just want to kind of understand how you guys balance all of those demands?

relative to maintaining some level of dividend and then also how you contemplate sort of debt repayment over that period of time as well i guess i just want to kind of understand how you guys balance all of those demands


if our country is to continue to grow air travel. And people want to fly, so I think that's -- we need to keep our eye on the ball and worry less about some of the other politicking that's going on. And

if our country is to continue to grow air travel and people want to fly so i think that's -- we need to keep our eye on the ball and worry less about some of the other politicking that's going on and


Like many Gray stations, each of these new stations can also boast that it has been the most-watched television station in its respective market throughout all of its weekday local news time slots.

like many gray stations each of these new stations can also boast that it has been the most watched television station in its respective market throughout all of its weekday local news time slots


and these stations already are integrating nicely with our Anchorage television station, KTUU, which is the dominant television provider for nearly the entire state of Alaska.

and these stations already are integrating nicely with our anchorage television station ktuu which is the dominant television provider for nearly the entire state of alaska


of 1995. Our statements may be affected by certain factors, including risks and uncertainties, which are discussed in detail in the company's filings with the Securities and Exchange Commission.

of 1995 our statements may be affected by certain factors including risks and uncertainties which are discussed in detail in the company's filings with the securities and exchange commission


be more of a format of the Seeking Truth-type show. So those are a little bit more in terms of dollars to produce some, but less in terms of the number of titles than we would do with the Yoga practices.

be it more of a format of a seeking truth type show so those are a little bit more in terms of dollars to produce them but less in terms of the number of titles than we would do with the yoga practices


you start to get into the detailed design and execution, you find natural opportunities to do things. I suspect we will have some capacity creep on the unit.

as you start to get into the detailed design and execution you find natural opportunities to do things i suspect we will have some capacity creep on the unit


many of the rules haven't changed around ACA, it has been -- some of it has been defanged, and you're getting, I think, the outcome that you would expect if you are taking away

many of the rules haven't changed around aca it has been -- some of it has been defanged and you're getting i think the outcome that you would expect if you are taking away


Being a store manager at The Tile Shop has been and will continue to be one of the most desirable positions in the retail industry for people who want to run their own business and be paid based on their results.

being a store manager at the tile shop has been and will continue to be one of the most desirable positions in the retail industry for people who want to run their own business and be paid based on their results


With hindsight, we now believe the increase promotional cadence over the last 4 quarters leading up to the Black Friday holiday weekend likely alienated many of our Pro customers.

with hindsight we now believe the increased promotional cadence over the last 4 quarters leading up to the black friday holiday weekend likely alienated many of our pro customers


While revenues were down, gross profit was comparable between years, as benefits from reduced product cost and a favorable shift in sales mix to higher margin and higher priced products offset the impact from lower sales volumes.

while revenues were down gross profit was comparable between years as benefits from reduced product costs and a favorable shift in sales mix to higher margin and higher priced products offset the impact from lower sales volume


We hope that the information was helpful in gaining an appreciation for our unique and differentiated position in the market and the value that, that brings to our clients. CBIZ also celebrated our 20th anniversary in August.

we hope that the information was helpful in gaining an appreciation for our unique and differentiated position in the market and the value that that brings to our clients ciba has also celebrated our 20th anniversary in august


A portion of that increase was at Omega for some projects that we did for Fort Leonard Wood. But then we also had higher cost at MoGas during the quarter for planned pipeline integrity maintenance work that we did on their system.

a portion of that increase was at omega for some projects that we did for fort leonardwood but then we also had higher costs at mogas during the quarter for planned pipeline integrity maintenance work that we did on their system


in key product lines such as launch vehicles and aero structures, tactical munitions and ammunition, and satellite deliveries and launches. We have a tremendous team, and I'm proud of what they are doing for our customers.

in key product lines such as launch vehicles and aerostructures tactical munitions and ammunition and satellite deliveries and launches we have a tremendous team and i'm proud of what they are doing for our customers


accessible textbooks and course materials, including digital content. And through our ability to serve as an academic and social hub on campuses nationwide.

accessible textbooks and course materials including digital content and through our ability to serve as an academic and social hub on campuses nationwide


All of our frontline teammates, including our bankers, mortgage team, wealth management team and insurance team, contributed to our growth efforts during the quarter, despite various challenges unique to each of their product offerings.

all of our frontline teammates including our bankers mortgage team wealth management team and insurance team contributed to our growth efforts during the quarter despite various challenges unique to each of their product offerings


As was the case in the third quarter, sales in Japan continue to decline moderately. But when looking at Asia in total, higher revenue in China more than offset the decline in Japan.

as was the case in the third quarter sales in japan continued to decline moderately but when looking at asia in total higher revenue in china more than offset the decline in japan


weather. The lower hold percent began turning in our favor in the fourth quarter and has continued into June and July. We have been effectively managing the impact of the increased minimum wage.

the low hold percent began turning in our favor in the fourth quarter and has continued into june and july we have been effectively vantage in the impact of the increased minimum wage


as you can see again on our last Slide, Slide 10. Our relentless pursuit of advancing clinical development has led us to the threshold of an exciting future.

as you can see again on our last slide slide 10 our relentless pursuit of advancing clinical development has led us to the threshold of an exciting future


thus explaining the rapid and durable benefit of reducing proteinuria that we have seen in both animal models and in humans.


we are on a journey to help a large underserved market with our platform technology of clinically proven and minimally invasive solution for disease intervention and vision correction.


then the increase of interest rates should last at least several half years before we have to register something in terms of accounting.


The technology developments allows us to look at fixed and wireless more and more integrated, and are providing us with more options in our rollout decisions.

the technology developments allows us to look at fixed and wireless more and more integrated and are providing us with more options in our rollout decisions


buying and selling. I think there's a lot of things that company can do to clean up and become more efficient. I think that has to happen in our industry. I think that happens along with

buying and selling them i think there's a lot of things a company can do to clean up and become more efficient i think that has to happen in our industry i think if that happens along with


We became a publicly traded company in July of 2006. We thrived during the recession. We raised capital in 2 days and bought failed banks over a period of several years. It changed our corporation forever.

we became a publicly traded company in july of 2006 we thrived during the recession we raised capital in 2 days and bought failed banks over a period of several years it changed our corporation forever


When you look at the year, we actually continue to grow volume on a same-store basis. So I think we're growing share, and I think convenience continues to grow share versus other channels in the tobacco category.

when you look at the year we actually continue to grow volume on a same-store basis so i think we're growing share and i think convenience continues to grow share versus other channels in the tobacco category


as more of our new funds are in long-dated, closed-end or permanent capital funds in proprietary strategies like direct lending, structured credit and corporate real estate and infrastructure private equity,

as more of our new funds are in long-dated closed-end or permanent capital funds and proprietary strategies like direct lending structured credit and corporate real estate and infrastructure private equity


we're no different than anybody else. April was a very difficult month at retail. With the shift of Easter and everybody participated, and that's why we had such a good first quarter. We had very difficult comp store gains. But the strongest

we are no different than anybody else april was a very difficult month at retail with the shift of easter and everybody participating that's why we had such a good first quarter we had very difficult comp store gains but the strongest


Our mission is to help, to offer a platform of weight loss solutions that work for as many people as possible. Our company culture, our employees, and our business model are aligned with this mission.

our mission is to help to offer a platform of weight loss solutions that work for as many people as possible our company culture our employees and our business model are aligned with this mission


get up against the wall as far as supply or lack of supply, do they sit and wait until something opens up in downtown or does it start spilling into the suburbs or expanding in other markets?

get up against the wall as far as supply or lack of supply do they sit and wait until something opens up in downtown or does it start spilling into the suburbs or expanding in other markets


And the idea of the portal is that our customers, for anything that we do, will be able to go in and self-implement and buy, if you will, or try any of our other applications.

and the idea of the portal is that our customers for anything that we do will be able to go in and self-implement and buy if you will or try any of our other applications


from a gain on sale of the NexTraq business, partially offset by an impairment charge resulting from changes in our investment arrangement in Masternaut that caused a change in our accounting from the equity to cost method.

from a gain on sale of the nexttrack business partially offset by an impairment charge resulting from changes in our investment arrangement in masternaut that caused a change in our accounting from the equity to cost method


Thank you for joining us on the call this afternoon. And before we leave, I wanted to mention that we are in the early stages of planning for an Analyst Day that we expect will take place in mid-September at our Chicago office.

thank you for joining us on the call this afternoon and before we leave i wanted to mention that we are in the early stages of planning for an analyst day that we expect will take place in mid-september at our chicago office


We continue to remain encouraged by the amount of interest that exists for our brands, both domestically and abroad. And we are excited about the pipeline of growth that we are building for our company.

we continue to remain encouraged by the amount of interest that exists for our brands both domestically and abroad and we are excited about the pipeline of growth that we are building for our company


Although we have enjoyed a good relationship with Salt Lake City and it having been an attractive venue for the show for many years, we're finalizing plans to relocate the shows to another host city in a different state.

although we have enjoyed a good relationship with salt lake city and it having been an attractive venue for the show for many years we're finalizing plans to relocate the shows to another host city in a different state


some stand-alone restaurants and some addition of this iconic automotive-themed brand to travel centers, particularly where we think we can attract significantly more local business than we're seeing today.

some stand-alone restaurants and some addition of this iconic automotive themed brand to travel centers particularly where we think we can attract significantly more local business than we're seeing today


As I've mentioned before, while the post offices are not necessarily helpful to sales within -- for the stores in which they are located, particularly for backlist books, which is most of the space comes from,

as i've mentioned before while the post offices are not necessarily helpful to sales within -- for the stores in which they are located particularly for backlist books which is where most of the space comes from


we don't think that banks will just sit there and absorb the cost themselves. So we do have to see some repricing. And we are relatively well-positioned because of our -- the breadth and diversity of our businesses.

we don't think that banks will just sit there and absorb the cost themselves so we do have to see some repricing and we're relatively well positioned because of our -- the breadth and diversity of our businesses


pursue collateral or other sources of payment -- repayment that we have on that or any other credit that we might have a loss on. So I would say the efforts are ongoing on that front.

pursue collateral or other sources of payment repayment that we have on that or any other credit that we might have a loss on so i would say the efforts are ongoing on that front


memory and foundry spend. And so I think that's a pretty strong statement from an end-market standpoint that the industry is evolving in ways that I think will accrue benefits to us going forward.

memory and foundry spend and so i think that's a pretty strong statement from an end market standpoint that the industry is evolving in ways that i think will accrue benefits to us going forward


And that this team knows how to manage in a way to access that value, keep our trucks moving and grow our logistics business further. And let's not forget, this assembled management team has only been together for 2 full quarters.

and that this team knows how to manage in a way to access that value keep our trucks moving and grow our logistics business further and let's not forget this assembled management team has only been together for 2 full quarters


over Q3 of 2015. We continue to expect strong growth in this business over the next 12 months from an increase in volume driven by industry demand and market share gains.

over q3 of 2015 we continue to expect strong growth in this business over the next 12 months from an increase in volume driven by industry demand and market share gains


we don't believe it's their intention to renew. So I think that's quite clear. And what's also clear is what we've talked about on the actions that we're taking and the alternatives that we've had. I think the specifics of

we don't believe it's their intention to renew so i think that's quite clear and what's also clear is what we've talked about on the actions that we're taking and the alternatives that we've had i think the specifics of


No, no. I mean, I think that there was a significant amount of the growth rate that we had seen in dairy and livestock has dissipated if you look at it in terms of the horsepower class.

no no i mean i think that there was a significant amount of the growth rate that we had seen in dairy and livestock has dissipated if you look at it in terms of the horsepower class


As these funds mature and generate strong incentive fees near the end of their fund life, we expect that overall incentive fees will moderate and equity earnings will normalize to historical levels.

as these funds mature and generate strong incentives near the end of their fund life we expect that overall incentives will moderate and equity earnings will normalize to historical levels


I don't think we have an answer for that directly. That kind of changes week to week for that company. I think you -- that information should properly come from Seventy Seven at this point.

i don't think we have an answer for that directly that kind of changes week to week for that company i think you -- that information should properly come from stephane stavin at this point


So that's one thing. The other thing is, we have some tender timing, not lost tenders, but just tender timing that's going to push us towards the back half of the year where we thought we're going to get those earlier in the year.

that's one thing the other thing is we have some tender timing not lost tenders but just tender timing that's going to push us towards the back half of the year where we thought we were going to get those earlier in the year


If you look beyond those items, our underlying results benefited from the strong equity markets, and we continued to show modest underlying growth in revenues and reasonable profit growth across the firm.

if you look beyond those items our underlying results benefited from the strong equity markets and we continue to show modest underlying growth in revenues and reasonable profit growth across the firm


reserve assets, but there's no connection between those 2 numbers. The objective over time is to reduce the assets in a wise way that are

reserve assets but there's no connection between those 2 numbers the objective over time is to reduce the assets in a wise way that are


in addition to our own e-commerce business. We believe the completion of this strategy allows our company to become the most comprehensive retailer of outdoor products anywhere.

in addition to our own e-commerce business we believe the completion of this strategy allows our company to become the most comprehensive retailer of outdoor products anywhere


speaks to the fact that we can do these projects quickly. Clearly, whenever we build a connector, we want to leverage that and win more customers on that connector because then we're talking about 4 weeks and maybe even less than 4 weeks to get them live.

speaks to the fact that we can do these projects quickly clearly whenever we build a connector we want to leverage that and win more customers on that connector because then we're talking about 4 weeks and maybe even less than 4 weeks to get them live


but they will be managed in a different way, which is more in a private equity lifestyle. And then we obviously have some markets in there that will be sold, where we reduce our footprint.

but they will be managed in a different way which is more in a private equity like style and then we obviously have some markets in there that will be sold where we reduce our footprint


Our results in fiscal '16 were a good set of results, and they delivered on our specific goals for the year. And we gained ground against our performance ambition.

our results in fiscal '16 were a good set of results and they delivered on our specific goals for the year and we gained ground against our performance ambition


We believe we can grow at this rate for many years to come, and we are extremely excited by the long-term opportunities we have in front of us to create sustainable shareholder value.

we believe we can grow at this rate for many years to come and we are extremely excited by the long-term opportunities we have in front of us to create sustainable shareholder value


because that is not sustainable in the end. It is about finding ways to be more efficient and both our guys we buy from and ourselves to be more efficient and more productive.

because that is not sustainable in the end it is about finding ways to be more efficient in both our guys we buy from and ourselves to be more efficient and more productive


and most importantly, for all patients. So regardless of patient or cancer type, we have we believe the best means to choose neoantigens. Our ATLAS technology

and most importantly for all patients so regardless of patient or cancer type we have we believe the best means to choose neoantigens our atlas technology


Ultimately, that leads to better experiences for our guests, to better results and to increased value for our shareholders and other stakeholders such as lenders and the communities we operate in.

ultimately that leads to better experiences for our guests to better results and to increased value for our shareholders and other stakeholders such as lenders and the communities we operate in


No matter what shape or form it ultimately takes, we are confident our strategy will continue to drive value for our shareholders, patients, physicians and communities.

no matter what shape reform ultimately takes we are confident our strategy will continue to drive value for our shareholders patients physicians and communities


We expect that pricing pressures on revenue in 2016 will be offset at least in significant part through sharing of the burden with our China distributor and potentially through volume increases.

we expect that pricing pressures on revenue in 2016 will be offset at least in significant part through sharing of the burden with our china distributor and potentially through volume increases


I always come back excited after seeing how hard our teams are working on serving our members, which resulted in a good month of December. Let me now spend a few minutes covering a difficult situation in Honduras.

i always come back excited after seeing how hard our teams are working on serving our members which resulted in a good month of december let me now spend a few minutes covering a difficult situation in honduras


We are further strengthening our international efforts and collaborating with our partners to position the brand for growth in key markets, such as Europe, Middle East, China and Korea.

we are further strengthening our international efforts and collaborating with our partners to position the brand for growth in key markets such as europe middle east china and korea


where you had a lot of idle units just in the summer last year and now it seems like all the modern units are -- have been reactivated and they already talk about building new rigs.


accounts that carry a higher funding value. So that would -- is positive. We expect that to continue moving forward, but it does fluctuate depending on where the growth comes in the deposit balances.

accounts that carry a higher funding value so that would -- is positive we expect that to continue moving forward but it does fluctuate depending on where the growth comes in the deposit balances


products and services on a net basis as a reduction of the associated digital advertising revenues rather than in operating expenses in our consolidated statements of operations.